THE historic name of Dennis is returning to Guildford with news that TransBus has been bought up by a Scottish consortium for £90 million.

After three months of uncertainty as Mayflower, its parent company, was put into administration, leading to 48 redundancies, the message from the Slyfield factory this week is “we are back in business, so let’s get motoring”.

Bill Simpson, a spokesman for the company, said managers are optimistic now the company is safe and are intent on going back to “grass roots”, on the back of a reputation and brand which has resonated throughout the world for decades.

But he added there was still an issue over their defined benefit pension scheme, which has not been taken over by the Edinburgh-based venture capitalists, Noble Grossart Investments.

The company is now called Alexander Dennis Ltd and has four distinct operations – Alexander Buses, Dennis Chassis, Dennis Alexander Parts and Dennis Alexander Service. The company has an annual turnover exceeding £200 million, and produces over 1,400 single and double-decker buses from its assembly sites, the largest of which – the Alexander side of operations – is in Falkirk, Scotland, and over 1,200 chassis from Guildford.

Mr Simpson said there would be a review of operations by the new owners, but added Noble Grossart has said it wants to maintain the two distinct sides of the business – meaning the Guildford chassis factory should be safe.

He added: “This is great news for all of the business, but particularly for Guildford. It takes us back to our two great strengths – the Dennis brand and building quality chassis. We want now to go back to grass roots. We had a powerful brand, as did Alexander.

“It has been a very unsettling and uncertain period for the whole of the company, but we are back from the brink and very optimistic about the future.”

The news, though, is doing little to calm the nerves of former and existing employees awaiting news on the Dennis pension scheme, which needs an injection of £25 million.